Getting gifted and then selling a farmhouse

[Farmer1]

What are the CGT implications of being gifted a share in a farmhouse then selling within the tax year?

I currently own the other share and have lived in since it was acquired.

Thanks

[AdamS93]

It would depend on who is gifting it to you.

[pawncob]

The donor is liable for any CGT due on the gift.(gift is at market value)
You'll pay CGT on any gain on disposal (subject to your PPR exemption)

[Farmer1]

The share in the farmhouse is being gifted from my brother.

The gift is exempt from CGT as it is an agricultural property.

Is there a risk we get caught in the transaction in uk land legislation as the farmhouse will almost immediately be sold?

Thanks

[pawncob]

Agricultural property is not exempt from CGT.

[Farmer1]

Sorry I meant to say that it was eligible for gift holdover relief as it is agricultural property.

[bd6759]

Sorry I meant to say that it was eligible for gift holdover relief as it is agricultural property.

I wouldn't take that for granted.

To answer you main question, the transactions in land rules will not apply. There needs to be some form of development, not simply a quick sale.

[Farmer1]

As I read it if it qualifies for agricultural property reliefunder the IHTA it would be eligible for gift holdover relief.